KUALA LUMPUR: Bursa Malaysia continued its uptrend to close higher at midday, lifted by buying pressure in the YTL-related heavyweights and construction sector.

The construction sector was the best performing sector amid persisting data centre catalysts, said Malacca Securities Sdn Bhd.

At 12.30 pm, the FBM KLCI edged up 0.14 per cent or 2.39 points to 1,617.71 from Wednesday's close of 1,615.32.The benchmark index, which opened 0.64 of-a-point firmer at 1,615.96, moved between 1,614.71 and 1,619.75 throughout the morning session.

On market breadth, decliners surpassed gainers 569 to 470 while 469 counters were unchanged, 895 untraded and six others suspended.

Turnover amounted to 3.06 billion units worth RM2.01 billion.

Over in the US, led by the Technology heavyweights, both the S&P500 and Nasdaq ended at all-time high zone as private-sector employment came in below expectation and the market could be pricing in earlier rate cuts by the Fed this year.

Meanwhile, the Federal Open Market Committee meeting minutes still provide the same narrative on inflation direction and data dependent monetary policies going forward.

"Given the US Tech giants are regaining traction, we believe the buying interest may spillover towards our local Technology stocks. "Data center growth and the potential KL-SG high-speed rail announcement will be fuelling investor interest in the Construction, Property, Building Materials, and Renewable Energy sectors," it said.

Malacca Securities analyst said in view of a weaker US dollar environment, traders may take the opportunity to look at commodities sectors such as O&G, Gold and Plantation as their underlying prices have trended higher overnight. -ends-

https://www.nst.com.my/business/corporate/2024/07/1072135/bursa-malaysia-closes-higher-midday-investors-chase-ytl-related